Pitney Bowes is slashing 2,300 jobs in the third quarter of 2024. This cost-saving measure is part of the company’s aggressive push to improve its bottom line. By reducing its workforce, Pitney Bowes aims to streamline operations and cut unnecessary expenses.
The job cuts come as part of a broader “cost rationalization” strategy. This term refers to the company’s effort to reduce its overall spending, both internally and externally, to increase profitability. It’s not just about cutting jobs; it’s about rethinking how the company spends its money across all areas.
Pitney Bowes had roughly 10,500 employees at the end of 2023. With these 2,300 job cuts, the company expects to save $90 million annually. This is a significant sum, which the company hopes will help improve its financial health moving forward.
These reductions are hitting the SendTech and Presort business units the hardest. These units focus on sending mail and sorting it for businesses, essential services that have faced increasing pressure as digital alternatives grow.
In the coming months, Pitney Bowes plans to continue reducing its workforce. More cuts may be on the horizon as the company looks to tighten its belt even further. The goal is clear: improve financial stability, even at the cost of a leaner workforce.
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